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All signs point to a down YoY quarter in Singapore GGR

  • Gross Lettings (paid and comped room nights) in Singapore were down almost 5% YoY QTD through August.  As shown in the chart, GL and GGR track each other closely.
  • We’re pretty sure Genting Singapore played unlucky in Q3 and probably lost volume share to LVS’s Marina Bay Sands (MBS)
  • Our Q3 MBS estimate is for flat EBITDA.  While there could be some downside, we believe any significant deviance from that number is likely due to low hold.

SING GGR TRACKING GROSS LETTINGS - spo